Totals
- Total revenue
- $18,658,180
- Total expenses
- $16,577,395
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $17,760,182
- Investment income
- $458,434
- Other revenue
- $439,564
- Total assets, end of year
- $386,343,958
- Total liabilities, end of year
- $352,011,648
- Net assets or fund balances, end of year
- $34,332,310
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
2a · Program service revenue: LOAN INTEREST
total $14,445,138 · related or exempt $14,445,138
-
2b · Program service revenue: OTHER INCOME
total $2,365,814 · related or exempt $2,365,814
-
2c · Program service revenue: FEE INCOME
total $949,230 · related or exempt $816,848 · unrelated business $132,382
-
3 · Investment income
total $449,642 · excluded $449,642
-
7a · Gross sales of assets other than inventory
securities $4,901 · other assets $33,835
-
7b · Less cost or other basis and sales expenses
securities $0 · other assets $29,944
-
7c · Gain or loss
securities $4,901 · other assets $3,891
-
7d · Net gain or loss
total $8,792 · excluded $8,792
-
11a · Other revenue: OTHER INTEREST INCOME
total $438,919 · related or exempt $438,919
-
11b · Other revenue: NON-OPERATING INCOME
total $645 · related or exempt $645
-
11e · Other revenue, total
$439,564
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $1,154,541
-
5 · Compensation of officers, directors and key employees
total $1,594,944
-
7 · Other salaries and wages
total $3,664,166
-
8 · Pension plan contributions
total $205,775
-
9 · Other employee benefits
total $651,418
-
10 · Payroll taxes
total -$227,232
-
11b · Fees: legal
total $114,284
-
11c · Fees: accounting
total $114,830
-
11g · Fees: other
total $1,921,387
-
13 · Office expenses
total $1,828,071
-
16 · Occupancy
total $1,133,245
-
17 · Travel
total $95,251
-
20 · Interest
total $625,346
-
22 · Depreciation, depletion and amortization
total $997,408
-
24a · Other expenses: LOAN SERVICING EXPENSE
total $1,490,173
-
24b · Other expenses: MISCELLANEOUS OPERATING
total $463,776
-
24c · Other expenses: EDUCATIONAL AND PROMOTI
total $411,187
-
24d · Other expenses: PROVISION FOR CREDIT LO
total $315,325
-
24e · All other expenses
total $23,500
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,230,856 · end of year $1,366,791
-
2 · Savings and temporary cash investments
beginning of year $17,685,064 · end of year $8,611,680
-
4 · Accounts receivable
beginning of year $146,380 · end of year $75,971
-
5 · Loans and receivables from officers and key people
beginning of year $6,230,214 · end of year $6,374,511
-
7 · Other notes and loans receivable
beginning of year $334,978,843 · end of year $331,981,199
-
9 · Prepaid expenses and deferred charges
beginning of year $543,656 · end of year $720,141
-
10a · Land, buildings and equipment: cost or other basis
$22,401,196
-
10b · Land, buildings and equipment: accumulated depreciation
$6,260,029
-
10c · Land, buildings and equipment, net
beginning of year $16,769,511 · end of year $16,141,167
-
12 · Investments: other securities
beginning of year $12,605,746 · end of year $11,073,488
-
15 · Other assets
beginning of year $9,462,959 · end of year $9,999,010
-
17 · Accounts payable and accrued expenses
beginning of year $3,225,214 · end of year $3,033,122
-
21 · Escrow or custodial account liability
beginning of year $913,747 · end of year $916,576
-
23 · Secured mortgages and notes payable
beginning of year $5,000,000 · end of year $19,000,000
-
25 · Other liabilities
beginning of year $357,988,863 · end of year $329,061,950
-
29 · Capital stock, trust principal or current funds
beginning of year $0 · end of year $0
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $0 · end of year $0
-
31 · Retained earnings, endowment or other funds
beginning of year $32,525,405 · end of year $34,332,310
Mission and programs · 2023
Mission
TO PROVIDE LENDING, SAVINGS AND OTHER FINANCIAL SERVICES TO OUR QUALIFYING MEMBERS AT TERMS GENERALLY BETTER THAN AVAILABLE IN THE MARKETPLACE AND WITH A "SERVICE BASED EMPHASIS" THAT RECOGNIZES THE MEMBERS' STATUS AS OWNERS.
-
DIVIDENDS AND INTEREST EXCEEDING $1,154,541. PAID TO MEMBERS ON $329,092,930 DEPOSIT ACCOUNTS HELD BY 23,874 MEMBERS.
-
PROVIDED CONSUMER, MORTGAGE AND BUSINESS LOAN SERVICES TO MEMBERS. GRANTED 987 LOANS IN 2023 WHICH EXCEEDED $31,433,939 IN NEW LOAN DISBURSEMENTS. TOTAL OF ALL LOANS OUTSTANDING WAS OVER $333,109,095 AT YEAR END.
-
PROVIDED OUTSTANDING PERSONAL AND REMOTE ACCESS TO FINANCIAL SERVICES. IN ADDITION TO FOUR IN-PERSON BRANCHES, MY CREDIT UNION MEMBERS ACCESSED FINANCIAL SERVICE THROUGH THE USE OF 4 SURCHARGE FREE ATM'S, OVER 6,085 CREDIT CARDS, OVER 22,747 DEBIT CARDS, AND NEARLY 13,356 MEMBERS USING OUR INTERNET BANKING SITE.
As filed on the 2023 return.
Listed in Part VII
-
James HabeckJAMES HABECK
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
John SuarezJOHN SUAREZ
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
Scott HoffhinesSCOTT HOFFHINES
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
Teresa KruseTERESA KRUSE
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
Dylan KloppDYLAN KLOPP
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jim McDonaldJIM MCDONALD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Susan RosenbergSUSAN ROSENBERG
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Luann WernerLUANN WERNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Lynne SchererLYNNE SCHERER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Greg WorthenGREG WORTHEN
PRESIDENT
- Total calculated
- $469,614
- From this org
- $436,196
- From related orgs
- $0
- Other
- $33,418
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $322,176
- Bonus
- $67,600
- Other
- $46,420
- Deferred
- $16,312
- Nontaxable benefits
- $17,106
- Filer's total
- $469,614
-
Rick RasmussonRICK RASMUSSON
CHIEF FINANCIAL OFFICER
- Total calculated
- $261,066
- From this org
- $231,045
- From related orgs
- $0
- Other
- $30,021
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $175,558
- Bonus
- $38,380
- Other
- $17,107
- Deferred
- $16,393
- Nontaxable benefits
- $13,628
- Filer's total
- $261,066
-
Karen HoeppnerKAREN HOEPPNER
VICE PRESIDENT, LENDING
- Total calculated
- $208,460
- From this org
- $197,047
- From related orgs
- $0
- Other
- $11,413
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $159,267
- Bonus
- $32,320
- Other
- $5,460
- Deferred
- $11,413
- Nontaxable benefits
- $0
- Filer's total
- $208,460
-
John DebettigniesJOHN DEBETTIGNIES
VICE PRESIDENT, MEMBER SER
- Total calculated
- $179,947
- From this org
- $170,861
- From related orgs
- $0
- Other
- $9,086
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $138,845
- Bonus
- $30,600
- Other
- $1,416
- Deferred
- $9,086
- Nontaxable benefits
- $0
- Filer's total
- $179,947
-
Pierre MerlinPIERRE MERLIN
VICE PRESIDENT, IT
- Total calculated
- $188,892
- From this org
- $175,264
- From related orgs
- $0
- Other
- $13,628
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $139,293
- Bonus
- $34,340
- Other
- $1,631
- Deferred
- $0
- Nontaxable benefits
- $13,628
- Filer's total
- $188,892
-
Todd BardusonTODD BARDUSON
VICE PRESIDENT, MARKETING
- Total calculated
- $155,497
- From this org
- $141,013
- From related orgs
- $0
- Other
- $14,484
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $109,906
- Bonus
- $23,028
- Other
- $8,079
- Deferred
- $8,167
- Nontaxable benefits
- $6,317
- Filer's total
- $155,497
-
Terry StirewaltTERRY STIREWALT
VICE PRESIDENT, COMMERCIAL
- Total calculated
- $131,468
- From this org
- $124,401
- From related orgs
- $0
- Other
- $7,067
- Hours/week
- 40
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Independent compensation consultant
- 3 · Form 990 of other organizations
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 3
- COMPENSATION COMMITTEE REVIEWS THE CEO'S PERFORMANCE AND APPROVES SALARY/BENEFIT CHANGES. THIS INFORMATION IS PROVIDED TO THE ENTIRE BOARD ON AN ANNUAL BASIS.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
MY CREDIT UNION FOUNDATION
501(C)(3) · MY CU COMMUNITY FOUNDATION FOCUSES SUPPORTING VETERANS AND STUDENTS. · MN · controlled entity
Directly controlled by MY CREDIT UNION
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403179349308910
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